Cauley & Geller, LLP Announces Class Action Lawsuit Against Mitek Systems, Inc. Seeking Damages On Behalf of Shareholders.Business Editors BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--Oct. 11, 2000 The Law Firm of Cauley & Geller, LLP LLP - Lower Layer Protocol announced today that it has filed a class action in the United States District Court for the Southern District of California The United States District Court for the Southern District of California is the federal district court whose jurisdiction comprises the following counties in California: Imperial and San Diego. on behalf of all individuals and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. that purchased the securities of Mitek Systems, Inc. ("Mitek " or the "Company") (Nasdaq: MITK) between July 18, 2000 and September 29, 2000, inclusive (the "Class Period"). The complaint charges that the Company and certain of its officers and directors violated the federal securities laws by issuing false and misleading financial statements. As a result of these false and misleading statements the Company's stock traded at artificially inflated prices during the class period. Mitek is involved in character recognition technology, products, and services for the document imaging markets. The Company's document imaging software engine and intelligent character recognition In computer science, intelligent character recognition (ICR) is an advanced optical character recognition (OCR) system that allows fonts and different styles of hand writing to be learned by a computer during processing to improve accuracy and recognition levels. products and services are used in mission-critical and high volume data entry, data capture, and forms processing applications. On 9/29/00, Mitek announced that the Company will restate its third quarter 2000 financial statements as a result of accounting misstatements that will require eliminating $1.4 million in revenue to be removed from the quarter for failing to comply with AICPA AICPA See American Institute of Certified Public Accountants (AICPA). Statement of Position 97-2. Cauley & Geller, LLP has substantial experience representing investors in securities fraud class action lawsuits class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you must meet certain requirements and take appropriate action by December 11, 2000. You are encouraged to call or e-mail the Firm or visit the Firm's website at www.classlawyer.com. |
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